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Medtronic to Lay off 1100 Workers
Medtronic announced that it will cut about 1100 jobs, or almost 3% of its work force, from slow-growing businesses as part of a global realignment, Reuters reports. Some of the cuts will come from the firm's flagship business, cardiac rhythm management. Partly because of reduced demand exacerbated by high-profile recalls in the sector, it grew 3% last quarter, compared to 12% for the company overall.
May 7, 2008
1 Min Read
Also as part of the restructuring, the diagnostic and monitoring portion of the CRM business will move from the Netherlands to Minneapolis, and the firm's endovascular manufacturing operations will move from Santa Rosa, CA to Galway, Ireland. Some fast-growing businesses will add jobs. The move follows a series of cuts last year that eliminated 900 jobs, and some management changes, including the departure of the COO, announced last week.
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